What Can You Invest In for the NZ AIP Visa?
The Active Investor Plus visa requires NZ$5 million (~US$3M) in three categories: NZTE-approved managed funds, direct business investment, or property development via a NZ company. As of 2026, there are 23 approved funds on the Invest NZ list. No listed equities, no ETFs, no government bonds. Here is everything you need to know before you allocate.
23
NZTE-Approved Managed Funds
3
Eligible Investment Categories
$5M
NZD Minimum (Growth Category)
3 Yrs
Minimum Hold Period
The Three Eligible Investment Categories
The Growth category accepts three types of investment. All three must be made in New Zealand-connected assets, must be held for a minimum of three years, and must be maintained until INZ confirms compliance. The rules were last updated in December 2025 with the removal of DIMS.
1. NZTE-Approved Managed Funds
The most common route, chosen by the majority of applicants. Invest through pre-approved limited partnerships on the official Invest NZ list. Fund managers deploy your capital into venture capital, private equity, and high-growth NZ companies. You provide the capital; the fund manager handles investment decisions.
23 approved funds as at 2026. Minimum investment per fund varies: most require NZ$500K to NZ$1M per tranche, allowing diversification across multiple funds.
2. Direct Business Investment
Direct equity stakes in New Zealand businesses demonstrating genuine economic impact. Suitable for investors who want visibility and control over their capital deployment. The business must demonstrate NZ-connected economic benefit: job creation, export revenue, or IP development in Aotearoa.
INZ assesses each direct investment case by case. You will need documentation showing NZ economic benefit and business viability. This route involves more due diligence but greater flexibility in where capital goes.
3. Property Development
Added 9 June 2025. Investment through a New Zealand company into property development, not passive property ownership. The development must create new housing stock or commercial space. Suitable for investors with a real estate background who prefer tangible asset exposure.
Note: Buying an existing house or apartment does not qualify. The investment must fund active development creating new supply. A NZ-incorporated company must hold the investment vehicle.
What Does Not Qualify as an AIP Investment
Many investors arrive with reasonable assumptions that turn out to be wrong. The Growth category is specifically designed to channel capital into productive growth assets: passive or liquid instruments are explicitly excluded.
Government Bonds and Term Deposits
The original Investor 1 and 2 categories allowed this. The AIP explicitly does not. NZ government bonds, treasury bills, and bank term deposits are not acceptable, regardless of the amount.
Listed Equities and ETFs
Shares in NZX-listed companies, index funds, and exchange-traded funds do not qualify. The growth pathway requires illiquid, direct-impact investments, not publicly traded instruments.
Residential Property Purchase
Buying an existing house, apartment, or rental property does not qualify as a Growth investment, even at NZ$5M+. Property development through a NZ company qualifies; ownership of existing real estate does not.
DIMS (Removed December 2025)
Discretionary Investment Management Services were removed as a qualifying vehicle on 4 December 2025. If you held a DIMS-structured investment, you must restructure into an NZTE-approved fund or direct investment before your compliance review.
Offshore-Held Investments
All qualifying investments must be made in New Zealand dollars and held within NZ-based structures. Offshore funds, even those with NZ exposure, do not satisfy the requirements.
Non-Approved Fund Managers
Only the 23 funds on the current NZTE Invest NZ approved list qualify for managed fund investment. Investing through a fund not on the list, regardless of how similar it looks, will not satisfy the visa requirement.
NZTE-Approved Funds: How They Work
For most applicants, NZTE-approved managed funds are the practical choice. They remove the operational complexity of direct investment and give you access to professionally managed portfolios in NZ's venture capital and private equity ecosystem.
What Makes a Fund NZTE-Approved?
Managed by a NZ-resident entity holding a Financial Markets Authority licence
Structured as a NZ limited partnership: all capital held in NZD within New Zealand
At least 70% of capital allocated to NZ-connected investments generating measurable economic benefit
Focus on venture capital, private equity, or high-growth early-stage sectors
NZTE-reviewed and listed on the official Invest NZ approved fund register
Cannot invest in listed equities, ETFs, or passive instruments
DIMS structures no longer accepted from 4 December 2025
Fund Selection Strategy
Diversify Across Multiple Funds
Most applicants spread NZ$5M across 3–5 funds rather than committing to one. This reduces concentration risk and gives exposure to different sectors: technology, agritech, healthtech, infrastructure.
Match the Fund to Your Risk Profile
Seed-stage VC funds (higher risk, higher return potential) suit different investors than growth-stage PE funds (steadier, lower upside). Your immigration adviser and financial adviser should align on the right mix before you commit.
Understand the Lock-Up
The visa requires a 3-year hold, but fund structures often lock capital for 7–10 years. You will comply with the visa rule at year 3, but may not receive returns until later. Factor this into your liquidity planning.
Verify Fund Status Before Committing
NZTE updates the approved list periodically. A fund that was approved last year may have been removed, or new funds may have been added. Always confirm current status before transferring funds.
Selected NZTE-Approved Fund Managers
The following are among the 23 funds on the NZTE Invest NZ approved list. We work with these and other approved managers, and advise clients on which aligns with their sector preference and risk appetite.
Pioneer Capital
Growth PE
Icehouse Ventures
Early-stage VC
Movac
Technology VC
Pacific Channel
Seed VC
This list is illustrative, not exhaustive. The complete approved fund register is maintained by New Zealand Trade and Enterprise (NZTE) and updated periodically. Confirm fund status with your adviser before making any investment decision.
Direct Business Investment: The Hands-On Route
Direct investment is less common but gives investors more control over where their capital goes. It suits sophisticated investors who want visibility into specific companies or industries rather than delegating to a fund manager.
A qualifying direct investment is an equity stake in a private New Zealand company that demonstrates positive economic impact. "Impact" is assessed by INZ and must be documented, typically through job creation numbers, export revenue projections, or evidence of IP or technology being developed in Aotearoa.
The business does not need to be a startup. Established private companies seeking growth capital qualify, provided the investment adds genuine economic value rather than simply transferring ownership between shareholders. An investor buying out an existing shareholder with no new capital entering the business would not qualify.
Direct investments carry higher due diligence burden but offer one advantage managed funds cannot: the ability to choose exactly where your NZ$5 million goes. Some investors with strong backgrounds in specific sectors (agritech, health tech, infrastructure) prefer this route because they understand the underlying business better than any fund manager.
Direct Investment Documentation Requirements
Business Plan
Detailed 3-year plan showing NZ economic impact, employment projections, and revenue forecasts
Director/Ownership Evidence
Shareholder agreements, company registration documents, and evidence of your stake
Economic Benefit Evidence
Employment contracts, export contracts, IP filings, or other indicators of NZ economic contribution
Fund Transfer Evidence
Bank statements showing capital transferred to NZ within 6 months of visa approval
Independent Valuation
For investments without market pricing, INZ may require an independent valuation to confirm the NZ$5M threshold is met
Investment Compliance: What Happens After You Invest
INZ does not take your word for it. The investment compliance process requires active documentation throughout the 3-year investment period and a formal compliance check before you can progress to the next residency milestone.
Step 1
Visa Approval
AIP resident visa granted. You have 6 months from approval to transfer NZ$5M to New Zealand and deploy it into qualifying investments.
Step 2
Investment Deployed
Capital transferred and invested. The 3-year investment clock starts. Begin gathering compliance documentation: INZ will require evidence at the end of the term.
Step 3
Compliance Review
After 36 months, apply for compliance confirmation. INZ reviews fund statements, presence days, and confirms all requirements met. Fund managers provide INZ-standard reports.
Step 4
Residency Confirmed
Compliance approved. You hold permanent NZ residency. Investment can be liquidated or continued: your choice. Citizenship eligibility begins after meeting further residency requirements.
Frequently Asked Questions: AIP Eligible Investments
Can I invest in New Zealand real estate for the AIP visa? expand_more
How many NZTE-approved funds are there in 2026? expand_more
Can I split my NZ$5M across multiple funds? expand_more
What happened to DIMS (Discretionary Investment Management Services)? expand_more
Can I withdraw my investment before the 3 years are up? expand_more
Does the Balanced category have different investment rules? expand_more
Need Help Structuring Your NZ$5M Investment?
Fund selection, direct investment assessment, source of funds documentation: this is where experienced advisory makes a material difference. We work with a limited number of investor clients each quarter.
Every client we take on works directly with a senior IAA-licensed adviser. Not a junior, not a call centre.